News | Oil

Did You Know?

The average oil price in 2016 was $44/barrel, the lowest annual average since 2004. The reason: the world oil market is oversupplied, due  largely to the increase in U.S. oil production from shale beginning about 10 years ago. Also, more U.S. oil production puts a...

Oil Spikes and Unemployment

Did you know the four highest U.S. unemployment rate spikes from 1950-2010 were immediately preceded by the four highest spikes in oil prices? The graph below suggests that long-term energy policy should be supply focused. More steady supply from the U.S. means lower...

Tanking crude prices hits Mississippi oil economy hard

Low prices at the pump have consumers rejoicing, but will they end up paying more in the long run with a fledging energy economy? The Clarion Ledger talks with MEI President Patrick Sullivan and Energy Brief 2016 headliner Haley Barbour on the matter. Read more at the...

MSU – NSPARC Study Lays Out Merits of CO2-EOR Process

The National Strategic Planning & Analysis Research Center (NSPARC), a research unit at Mississippi State University, released the results of their CO2 -EOR report stating that the process yields economic growth and could lead to greater U.S. energy security. See...

Petroleum’s Impact on Mississippi’s Economy

Behind the electric power industry, petroleum production, refining, storage, and distribution is the second largest segment of Mississippi's energy sector, and these two sectors make up the vast majority of Mississippi's energy sector. Because of high average wages in...

Strong Infrastructure Encourages Low Gas Prices in Mississippi

MEI President Patrick Sullivan was recently featured in a Hattiesburg American article (read that here) detailing Mississippi's current low gas prices. We discussed in detail back in 2012 exactly why Mississippi fares better than the rest of the country when it comes...

Chevron Celebrates Completion of Premium Base Oil Project

Earlier this month, Chevron celebrated the completion of their Premium Base Oil Project. The company invested $1.4 billion in the local economy, created more than 2,000 construction jobs, and permanently created more than 30 jobs. Completion of this project positions...

Tuscaloosa Marine Shale Closing in on Commercialization 

After several years of testing and seeking profitable production solutions, prospects for companies invested heavily in Mississippi's and Louisiana's Tuscaloosa Marine Shale seem promising. The summary provided in this article gives a brief overview of the current...

Chevron Base Oil Plant Begins Production

The Pascagoula Refinery, Mississippi's largest energy asset, announced today the beginning of commercial production of the base oil project, a $1.4 billion addition to the Refinery. The base oil plant will produce about 25,000 barrels per day of lubricant oils that...

TMS Fervor Grows in Southwest MS

A private equity firm’s pledge to invest up to $400 million in Halcón Resources’ deep drilling in Mississippi and Louisiana could lead to a doubling of Halcón’s 2015 operations in the region. Read more about the big TMS investment at the Mississippi Business...

Oil Boom is in the Making in Southwest Mississippi

The Sun Herald reports on the emerging Tuscaloose Marine Shale in southwest Mississippi. Mississippi Energy Institute President Patrick Sullivan comments that it's a potential energy boom for the state that calls for cautious optimism. Read more at the Sun...

Enhanced Oil Recovery an Ideal Opportunity for Mississippi

Mississippi Energy Institute President Patrick Sullivan was featured in a WLBT report concerning yesterday's Symposium on Enhanced Oil Recovery. Sullivan commented that EOR has been a multi-billion dollar business in Mississippi just in the last ten years while also...

Shale Production Hoping to Spur Economic Growth in Southwest MS

Mississippi has multiple opportunities for energy-based economic development in the near-, mid- and long-term time horizons. A near-term opportunity is the shale oil and gas energy exploration going on in southwest Mississippi, which you can read about at the Clarion...

MEI Points Out Flaws in Proposed Pipeline Legislation

Jackson's WLBT interviewed MEI President Patrick Sullivan in regards to SB 2568, a bill that would enable public use of intrastate pipelines with royalties compensation determined by the Public Service Commission. Original legislation in 1984 laid the current legal...

Parkway Pipeline in Service

Construction of the approximately 141-mile, 16-inch diameter Parkway Pipeline, a 50-50 joint venture between Kinder Morgan and Valero, is complete and is now transporting refined petroleum products from refineries in Norco, La., to an existing petroleum transportation...

Mississippi to Partner with Alabama in Oil Sands Resources Study

Governor Robert Bentley of Alabama and Governor Phil Bryant of Mississippi announced plans to partner up to further study the oil sands resources in the two states. The announcement came while both governors were addressing the Southern States Energy Board....

Governor Bryant and Others To Push Offshore Revenue-Sharing Bill

Last week, Governor Phil Bryant joined the Governors of Alaska and North Carolina as well as the Secretary of Natural Resources from Virginia and representatives from Texas, Alabama and South Carolina for a meeting of the OCS Governors Coalition in Washington, DC. The...

The Promising Potential of the Tuscaloosa Marine Shale

The Tuscaloosa Marine Shale formation is capturing the attention of energy heavyweights more and more each day. Though some drilling has occurred in the shale play in the past, advancements in drilling technologies, along with the presence of seven billion barrels of...

Eagle Ford Shale Report

The Eagle Ford Shale is a newly developed oil, natural gas, and natural gas liquids producing formation approximately 10,000 to 12,000 feet below the surface in south Texas. With the first well drilled in 2008, a study was recently conducted on the Eagle Ford region...

U.S. Projected to be World’s Top Oil Producer by 2017

We are all well informed on the shale energy revolution and the impact it's had on the U.S. economy (imagine the state of the U.S. economy if we did not have affordable energy as a result of shale production). Now, the independent International Energy Agency (IEA) is...

Genesis Energy Expanding in Natchez

Genesis Energy is partnering with Southern Pacific Resource Corporation to supply Gulf Coast oil refineries with dilbit, a refinery feedstock. The product will originate in Canada and arrive at the Genesis Natchez port terminal by rail, providing much needed stimulus...

In Mississippi, Let’s Be Rational About Energy Projects

The Clarion Ledger featured MEI President Patrick Sullivan as a guest columnist in their February 4, 2012 publiction. A common fib in public debate today is we must choose between development and a healthy environment. This argument arises almost without fail in large...